Egypt will not need funding from World Bank (WB) and International Monetary Fund (IMF), although agreement was reached after review of the budget deficit reduced expectations, said today Finance Minister Samir Raduil, said.
“At this stage there is no need to turn to the Bank and Fund,” said Raduil, adding that the country still supports “the good relations” with both institutions. Qatar last week provided $ 500 million in support of the Egyptian budget. “This is a gift,” replied the minister to question the conditions of funding. On June 1st, the Egyptian government approved a budget for 2011-2012, which increased by nearly 25 percent spending to create jobs and help the poor. The U.S. also promised to assist financially and to simplify the Egyptian part of the debt of the Arab state. Obama said Washington will forgive a debt of $ 1 billion of Cairo and the country will provide loan guarantees for $ 1 billion to “create infrastructure and jobs.”
Saudi Arabia also promised loan to Egypt worth $ 4 billion on preferential terms.
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The price of gold set a new record today, quotations remained more sustained than 1500 dollars per ounce. The reason for this was a significant retreat of the dollar, which drew investors to demand higher security. Platform Globex electronic trading today gold for June delivery is moving up from 0.65 percent to 505.80 dollars an ounce, a new record in the history of trade in precious metals. The foreign exchange market the euro is progressing strongly, the rise of 1.4 per cent to $ 1,4522 EUR / USD. The single currency has advanced greatly, regardless of the problems that have troubled countries in the periphery of the eurozone. The US Dollar Index does move with a decline of 0.9 percent to 74.37 points. The appetite growing for gold in recent days because of reduced prospects for the credit rating of U.S. debt problem and crisis in Europe and the overall desire of investors to risk aversion. In today’s trading silver reached a new 31-year high, while moving with a growth of 1.5 percent to 44.56 dollars per ounce. Copper rising by 1.7 per cent, while platinum and palladium prices increased by 1.3 and 3.25 per cent.

The international rating agency Standard and Poor’s lowered with three long-term credit rating of Japanese utility Tokyo Electric Power, which is the operator of damaged NPP Fukushima 1, Prime-Tass reported. The rating of the Tokyo Electric Power was reduced in grade “A +” via the power of “BBB +”. The main reason is that the company in January threatens danger in connection with huge claims for compensation for losses that have caused the accident at the NPP Fukushima-1. The total amount of monetary claims could reach 11 trillion. yen (133 billion dollars). Government of Japan even consider a partial nationalization of the energy company and accordingly to provide guarantees for its future liabilities. Shortly before the international rating agency Moody’s also said to lower the credit rating of Tokyo Electric Power – Grade “A1″ to “Vaa1. Today also announced that starting tomorrow in the ocean disposal of radioactive elements in water by the breakdown Japanese NPP Fukushima-1.

The U.S. company Google has become the most expensive brands this year, while Coca-Cola dropped from the rankings of the top ten for the first time since the survey is conducted of Brand Finance. It presented 500 brands with the highest value in the world. The Google’s brand value is estimated at 44.3 billion dollars in this year’s rankings. This puts it in the first place, as close to it is Microsoft with a value of 42.8 billion dollars. In the previous edition of the chart based on Bill Gates’ company was in fifth position. “From a global perspective five of the top ten brands are progressing rapidly and related technology sectors. This again underlines the importance of technological innovation in the promotion and creation of brands with great value, “said Executive Director of Brand Finance, David Haig. Last year, first in the ranking was chain retail Wal-Mart, in the new edition of the ranking brand is the third position with a value of 36.2 billion dollars. The top ten companies in the ranking of Brand Finance are occupied by American companies. In the top five fall IBM and Vodafone, as the value of both brands is set to respectively 36.15 and 30.67 billion dollars.
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The day began with a fall of the yen, after rising Japanese Exchange and another financial injection by the central bank slowed down demand for risky assets. Yesterday the yen against the dollar again rose to ¥ 80,60, which is the lowest level since November onwards. Meanwhile sterling fell to ¥ 129,17, while the euro has depreciated to ¥ 111,95 yen. The Swiss franc also advanced against major currencies as against the dollar reached a new record high at 0.9139. Sterling in turn depreciated by 1.8 percent compared to the CHF 1.4687 level. The Britain remained relatively weak currency as the dollar weakened to $ 1.5977 while the euro rose to a four-peak at £ 0,8708 sterling. Moody’s lowered the credit rating of Portugal with two degrees from A3 to A1, which strengthened concerns about the crisis in Europe and had a momentary pressure on the euro. The Fed did not surprise market participants, leaving unchanged the basic interest rate ranging from 0 to 0.25% and unanimously confirmed the program for the purchase of government bonds.

The Australian economy remains strong and has accelerated its pace of growth in the last quarter of 2010, just before severe natural disasters that struck the country early this year. The Gross Domestic Product (GDP) of Australia increased by 0.7 percent on a quarterly basis and thus the economy switches to a higher speed after the third quarter marked a minimum growth of 0.1 per cent. The data of Statistical Office in Sydney surpassed market expectations for GDP growth of 0.6 percent. Initial estimates for the third quarter showed growth of 0.2 percent. Compared to the last quarter of 2009 GDP increased by 2.7 per cent against an expected growth rate of 2,6 per cent. The consumption expenditure of households increased by 0.4 percent during the quarter and 2.8 percent annually. Investment in housing also increased by 0,4 percent. The stability of the Australian economy led to the discovery of 330 thousand new jobs in the country last year, while unemployment fell to 5%. Unemployment rates in other developed economies like the U.S. and eurozone, are nearly twice as high. The last quarter of last year was the eighth in a row, within which GDP grows but at the beginning of this year North-East Australia hit by severe floods seriously and cyclones, which are expected to slow economic growth.
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The companies worldwide have attracted a record-high funding from investors through initial public offerings (IPO) earlier this year. The Reuters Survey shows that initial public offerings have collected 24.3 billion dollars worldwide since the beginning of this year until today. The amount is a record for this time of year and highlights the recovery of stock markets and increased interest from investors. Attracted by the IPO from January until funds are up 20% over the same period of 2010. The increased activity of the companies began to be felt in the last quarter of 2010 when initial public offerings have attracted a record 122.2 billion dollars. Within the last three months of 2010 Asian life insurer AIA Group carried out the largest IPO in the history of the stock exchange in Hong Kong and the other big IPO was that of U.S. automaker General Motors. The offerings in the secondary market in the world in turn increased by 23% annually and reach 67.7 billion dollars. The raising funds through stock exchanges was supported by the strong performance of equity markets, whose prices have reached their levels prior to the bankruptcy of investment bank Lehman Brothers. Asia dominated on the stock market in 2010, continues to be a leader this year. 41% of the stock debuts come from China. The data also include listing the company’s wind turbines Sinovel Wind for 1.4 billion dollars in January.
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Nexia Holding Inc is a company in the state of Utah in the USA. This company is well-known for having diverse holdings in various industries. The main area of operation of Nexia is real estate, beauty hair care salons and the film and entertainment business. This company trades and is listed on PINKSHEETS as a penny stock under the NXDH symbol. The company, as mentioned above, is one that lays emphasis on real estate, beauty hair care salons and the movie industry. The company is making constant endeavors to expand its operations in the above fields and the company also has two subsidiaries that are helping it in this regard.
The two subsidiaries that have been mentioned above are Revel Entertainment Inc and Endeavors, Inc. (OTCQB:GRNE). There are about 70 people that are working here and the staff is very efficient and dedicated. With the aid of this staff the company is now expanding and it is also improving on its services day by day. Through the first subsidiary the company holds a majority interest in the film ”The Kane Files”. The company is trying its best to expand in the area with this venture. The second subsidiary is one that deals with the hair care beauty salons that the company has. These beauty hair salons come under the AVEDA world class product lines and they are reputed for the good services of their staff. The main focus of the staff is the clientele and this is the reason why these services are widely sought after.
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The world economy will grow by 4.6 percent this year, but in a slow recovery in the richest countries and the dynamic growth in developing economies. The recovery of the euro area will be slow and uneven over the next two years, while 16-nation currency bloc reduce budget deficits and looking for a way to deal with their large trade imbalances and indebtedness to block the peripheral countries. This was claimed by the Organization for Economic Cooperation and Development (OECD) in its regular report on prospects for the economy, which comes twice a year, sent Wall Street Journal. OECD analysts expect the world economy to grow by 4.2 percent in 2011 and 4.6 percent in 2012, led by developing countries outside the organization in which members of the 30 richest countries in the world. According to OECD estimates of gross domestic product (GDP) of the eurozone will grow by 1.8 percent this year and 1.7 percent next year. Forecast in May, foresaw economic growth of 1.2 percent this year and 1.8 percent next year. The growth in the 16 countries sharing the single European currency will remain vulnerable to financial market tensions and concerns about high levels of public debt in Greece, Ireland, Spain and Portugal. Consumption growth and recovery of household incomes in the euro area will support the economy. However, unemployment is expected to remain above 9% until 2012 according to OECD area GDP will grow by 2% in 2012
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Fears of a new global food crisis swept global stock exchanges on Friday, the prices of crops such as corn, rice and wheat, have risen strongly over the U.S. government’s warning of “dramatic” drop in supply. Hot summer in the U.S., droughts in several countries, including Russia and Brazil, and torrential rains in Canada and Europe affected the harvest of many grains and oilseeds this year, writes Financial Times. This raises fears of a sharp drop in food supply, which can cause a crisis similar to that in 2007-08. The USDA announced yesterday that stocks of corn in the country will be halved this year to their lowest levels for the past 14 years. As a result, shares of some of the biggest food producers in the world have greatly decreased by the end of yesterday’s trading session. Analysts said Morgan Stanley’s food crisis is a fact. The index of the Reuters-Jefferies, which tracks the prices of basic agricultural raw materials rose to its highest level in two years yesterday. UN economists say that the new U.S. government report shows that when the balance between supply and demand is very fragile. U.S. is the largest producer of maize in the world and exports is a source of much of world trade in grain. Earlier this year, the USDA projected a record crop of corn, but a combination of adverse heat and high rainfall led to a sharp correction of the forecasts.
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